Research On The Crime Of Trading With Undisclosed Information

With the further deepening of reforming and opening,th e constant prosperity and development of the market economy,China's securities investment fund industry has shown a tr end of rapid development.As the issue of the supervision l oopholes in the fund industry,the issue of “rat storehous e” has also become increasingly prominent with the fund ma rket share.In response to this problem,China's Criminal Law Amendment(VII)of 2009 added the useing of undisclosed information transaction crimes to provide a practical lega l basis for cracking down on the behavior of the rat wareho use in the financial industry that violates the rules of fi nancial transactions.There have also been various cases of which the Malor c ase has the greatest impact of using undisclosed informatio n in China since that time.After the Supreme People's Cour t passed the verdict of the second instance,the Supreme Pe ople's Procuratorate protested the case,and the Supreme Co urt re-examined the case and further explained the applicat ion of the crime.The case was listed as the guiding case b y the Supreme Court.Equally influential were Li Xuli and Z hang Zhimin.From such cases,we can see that the “Criminal Law Amendment(VII)” refers only to the penalty for the use of undisclosed information on the basis of the penaltie s for the crime of insider trading in the preceding paragra ph.It applies to “serious circumstances” and “extremely serious circumstances”.The standard formulation is not p erfect,at the same time,the supervision department of Chin a's financial market lacks a pre-determined legal norm for the crime,and the follow-up two high people's congresses have not issued an authoritative judicial interpretation.T he combination of various factors led to the crime in the a cademic and judicial practice made more controversial.This section selected typical cases concerning the crim e of using undisclosed information.Through the relevant is sues arising from these cases,we further analyzed some pra ctical and difficult issues involving such cases in China a nd put forward a consummation proposal for the crime in ord er to solve the problem.The issue of conviction and senten cing will help undisclosed information transaction crimes.This article contains three parts:First part: It introduces three controversial categorie s related to unpublished information and defines them from different perspectives.It refers three cases which are Ma Le case,Li Xuli case and Zhang Jimin case as the starting p oint,and makes a comparative analysis of these cases and t he judging result of the three cases,and finally sums up t he mainly focuses of these casesto find out the problems fa cing the crime in China's judicial practiceThe second part: According to the controversial focuses,from the theoretical analysis of criminal law,in the ligh t of the economic essence of the Non-public information tra nsaction in the financial market,this article probes into the elements of the crime,including the "Non-public Inform ation" and "violation of regulations" which constitute the crime of using non-public information,and the problems in the judicial practice.,such as the invocation of the firs t paragraph of article 180 th of the Penal Code is an analys is that is fully invoked or partly invoked,in addition to the identification of the issue of "complicity" in the use of undisclosed information transactions and the calculation of "illegal income".The third part :Based on the above analysis,this paper puts forward some suggestions to improve the legislation l evel of the crime of using undisclosed information transact ions.Including the use of undisclosed information transactions crime of the pre-registration norms to improve,this p aper expounds the standard of crime of making use of undisc losed information,the circumstances of sentencing,the cri terion of sentencing which distinguishes the crime of insid er dealing and the crime of leaking internal information,u nifies the standard of the determination of non-public info rmation and comprehensively defines the meaning of non-publ ic information.